U2 Income & Wages

Quiz
•
Social Studies
•
12th Grade
•
Medium
Standards-aligned
Lauren Litcofsky
Used 8+ times
FREE Resource
15 questions
Show all answers
1.
DRAG AND DROP QUESTION
1 min • 1 pt
The definition of gross income is (a) .
Tags
EPF.IE.1.5
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of adjusted gross income (AGI)?
An amount of money paid to an employee at a specific rate
Money received from a job, business, or assets
Income before payroll taxes are taken out
The amount of income remaining after subtracting all allowable adjustments to income from gross income
Tags
EPF.IE.1.5
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
John is an HR manager and he is preparing a compensation package for a new employee. What is a compensation package?
An amount of money paid to an employee at a specific rate
Money received from a job, business, or assets
Wages or salary plus fringe benefits
Income after payroll taxes and voluntary deductions are removed
Tags
EPF.IE.1.5
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of overtime wage?
An amount of money paid to an employee at a specific rate
The lowest hourly wage allowed by law for most workers
1.5x the hourly wage for hours worked over 40 in a singular work week
Fixed rate for every hour worked during a regular work week
Tags
EPF.IE.1.5
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of salary?
An amount of money paid to an employee at a specific rate
Benefits provided by employers but must be claimed as part of gross income for tax purposes
Compensation in the form of a fixed sum of money paid at regular intervals
Money earned by producing a unit or item for a set amount of money
Tags
EPF.IE.1.5
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of piece rate?
An amount of money paid to an employee at a specific rate
Benefits provided by employers but must be claimed as part of gross income for tax purposes
Money earned by producing a unit or item for a set amount of money
A portion of a company's earnings paid back to shareholders
Tags
EPF.IE.1.5
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Sarah works as a real estate agent. Can you identify what her commission income would be?
An amount of money paid to Sarah at a specific rate
Benefits provided by Sarah's employer but must be claimed as part of gross income for tax purposes
Money Sarah earned by producing a unit or item for a set amount of money
Income Sarah receives, often a percentage of the sales price of the house she is selling
Tags
EPF.IE.1.5
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